As most professionals are well aware, errors and omissions (E&O) are the insurance that provides coverage in the event that a client holds you responsible for a service you provided, or failed to provide, or that they’ve determined did not have the expected or promised results. This is a concern for many working in the real estate industry.
Here in Austin, many individuals working as mortgage brokers, title agents, even independent contractors need a policy of this kind in place when clients sue them, charging them with negligence or other wrongdoing in their line of work. Professional Liability Insurance in Austin, TX provides coverage for claims resulting from providing services of this nature.
Real estate agents and brokers have long faced exposures to claims related to their line of work, including failure to disclose material facts, failure to properly inspect property or in many instances, failing to provide documentation or reports, and this is just the tip of the iceberg. This type of coverage will protect your finances so you really can’t afford to be without it.
Your E&O policy will cover settlement and defense costs
Even as may well be the case, that the allegations are groundless and you win in court, the cost of defending against such a lawsuit can be a sobering prospect. A case of this type can bankrupt small companies (or individuals) and often has a negative effect on the bottom line of larger companies. Having Professional Liability Insurance in Austin, TX is essential coverage for all professionals in many different lines of work. You may want to consider what will happen if the service you provide is not done correctly or on time and this results in harm to the reputation of your client.
By not purchasing a professional liability policy a company can be taking a serious financial risk since these types of losses are not covered under a general liability policy. As with any insurance policy, the best time to buy coverage is before any risk is taken. If you are in the service industry, and you understand you’re likely to have these exposures, then make this policy a part of your insurance portfolio.